The new date — which was rumored for a few days — is set nearly a year after the original start date. The Paralympics was also moved back, and will begin Aug. 24, 2021, and run through Sept. 5. Athletes who have already qualified for the 2020 Tokyo Olympics will retain their qualification in 2021.

Tokyo organizing committee president Yoshiro Mori said the cost of moving the 2020 Tokyo Olympics will be “massive.” Before the postponement, the estimated cost of the 2020 Tokyo Olympics was about $12.6 billion.

While previous Olympics have been canceled, the 2020 Tokyo Olympics are the first ever to be postponed.